Past year: ▲ 34%(23.65 – 35.91 USD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Apr 2015debt financing▲ GoodMajor
On April 17, 2015 the company amended its bank credit agreement, extending maturity from May 2017 to April 2020, raising the borrowing base from $3.1 billion to $3.4 billion and commitments from $1.4 billion to $1.8 billion, with a further $500 million accordion option. Interest margins now depend on the company's leverage ratio (Eurodollar loans 1.50% to 2.25% over LIBOR), and unused-balance fees range from 0.30% to 0.50%.
24 Sept 2014debt financing● NeutralMajor
The company (then named Cabot Oil & Gas) sold $925 million of unsecured fixed-rate notes to institutional buyers on September 18, 2014, in three series: $100 million at 3.24% due 2021, $575 million at 3.67% due 2024 and $250 million at 3.77% due 2026. The notes carry covenants including a minimum asset coverage ratio of 1.75 to 1.0 and a minimum annual coverage ratio of 2.8 to 1.0; the filing does not state what the money will be used for.
